OrbImage
Faces Cash Crisis
 Orbital
Science Corp.’s (OSC) third quarter 10Q report reports limited
liquidity, having only US$30 million-or-so in cash, and may
consequently have trouble funding a much-needed US$20 million
payment it is scheduled to make to subsidiary  Orbital
Imaging (OrbImage) on Jan.1, 2001. Orbital Imaging needs the cash to
meet its roughly US$12 million coupon due March 2001. Some analysts
believe Orbital Imaging needs the US$20 million from its parent
along with another US$30 million in capital to be able to survive.
Investors
have been frustrated because of Orbital Imaging's repeated delays at
launching its third and fourth satellites. OrbView 3, which was
originally scheduled to launch in Q3 2000, has been delayed
repeatedly. OrbView 4 was scheduled to launch in the first quarter
of 2001 but has now been pushed back to mid-to-late second quarter
2001.
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